Even though the formal credit of establishing economics as a separate discipline of study goes to Adam Smith for his work in 1776, the principles of economics have remained ingrained in human civilisation ever since the age of early men. Economics is essentially a social science that focuses on studying rules that govern how individuals, households, firms, government, and non-government agencies interact with each other to optimise their personal and social welfare. Hence, it is axiomatic that the course content and teaching methodology of economics be upgraded from time to time to match the needs of the ongoing economic environment.
Over the years, scholars from various schools of thought have advocated principles based on their analysis of the concurrent issues using state-of-the-art technology. For example, the concept of unemployment, which was irrelevant for the classical and neo-classical, assumed prominence owing to the pioneering work of J. M. Keynes during and after the Great Depression of the 1930s. Economists who came after Keynes also contributed significantly to this strand of literature by discussing various types and determinants of unemployment. Mario Seccareccia, recipient of this year’s John Kenneth Galbraith Prize in Economics, pointed out that there is a notable difference between unemployment during the ongoing pandemic and what was experienced earlier during the Global Financial Crisis. Accordingly, the current curriculum of economics while discussing an issue related to factor unemployment and labour mobility should definitely cover these recent developments.
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Moving ahead, it is also worthy to note that functions and forms of money have evolved drastically since the early 20th century. Advances in science and technology have paved the way for the invention of newer and faster modes of payment. Accordingly, the modern syllabus of monetary economics should include modules on e-payment channels and their implications. Similarly, academicians should recognise the significant rise in geopolitical factors shaping economic relationships and add subjects like geopolitics and international relations to the undergraduate course in economics. Along with these, issues such as green economics, the economics of innovations and start-ups, market for semi-conductors, virtual marketplaces, global migrant crisis, IPR for vaccines and lifesaving drugs, which have all gained popularity in the recent past and hold potential to stay germane in the foreseeable future should be an integral part of the current curriculum of economics.
Apart from including modern theories and recent advances in the curriculum, it is crucial that students of economics are exposed to both contemporary and conventional topics in a practical and holistic manner. An essential aspect of this approach is application-based experiential learning. Moreover, modern classrooms have moved to virtual platforms with the advent of COVID-19, teachers should adopt blended learning to promote the aspect of experiential learning. To this end, students may be asked to read conventional textbooks as part of the passive learning process, and engage in active learning during class hours through problem-solving, discussions with practitioners and industry experts, conducting simulations and experiments, brainstorming on case studies, and so on.
With easy access to multimedia via various online channels, it is practical to have more case studies in video formats. It would substantially benefit the teaching-learning process as most students are visual learners. Further, problem-solving exercises should move towards analysing real-life data using modern software tools. Such practices would enhance students’ skill set and help them understand problems and their solutions empirically. After all, the aim of education in any field including economics is to produce graduates who can readily recognise, analyse and solve issues of the ever-evolving dynamic world.
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The writer is an Assistant Professor, Sarla Anil Modi School of Economics, SVKM’s NMIMS, Mumbai